Halifax House Price Index: Signs of life in the housing market?

HalifaxDespite reporting a fall in January of 0.2%, the latest Halifax House Price Index figures show an annual rise of 1.3%; the first time since October 2010 that an increase has been reported. The figures are different to those reported last week by the Nationwide, who reported an increase in house prices during January of 0.50%, with prices remaining unchanged on the same time last year. The Halifax also reported that the average home is now worth £162,932, almost identical to ...

Bank of England alters forecast for economic growth

The Bank of England has lowered its forecast for economic growth and has raised its inflation expectations in its Quarterly Inflation Report released today. The news may add weight to the views of some experts who fear a double dip recession as a result of downward revisions. The Bank now expects the economy to grow at less than 3% in 2011, down from its previous forecast of 3.5%. It also expects inflation to stay higher for longer than expected, mainly due to the increase in VAT which will take effect from the start of next year.